핵심요약

• 50억 달러 규모의 퍼싱 스퀘어 USA 펀드는 8개 종목을 공개했으며, 상위 5개 종목이 전체의 78%를 차지함
• 브룩필드, 아마존, 우버가 상위 3개 종목으로, 애크먼의 집중 투자 전략을 반영
• 애크먼은 아마존, 마이크로소프트, 메타를 '구식' 테크 바가인으로 묘사하며 저평가된 대형 테크 기업으로 평가
• 펀드는 영구 자본 구조를 채택해 인출 압력을 최소화함
• 11개 종목이 총 137억 달러 규모로, 2026년 1분기 13F 보고서에 따르면

도입

빌 애크먼의 펀드 공개는 일반 투자자에게 그의 투자 전략을 직접 관찰할 수 있는 기회를 제공하며, 대형 테크 기업에 대한 그의 장기적 관점을 이해하는 데 중요합니다. 특히 영구 자본 구조는 시장 변동성 속에서 안정적인 투자 전략을 유지할 수 있는 장점을 가지며, 이는 투자자들에게 의미 있는 정보를 제공합니다.

본문 1: 대형 테크 기업에 대한 집중 투자 전략

애크먼은 아마존, 마이크로소프트, 메타를 '구식' 테크 바가인으로 묘사하며, 이 기업들이 현재 저평가되어 있다고 주장했습니다. 이는 이러한 기업들이 과거와 달리 현재 주가 수준에서 투자 가치가 높다는 것을 의미하며, 이는 장기적인 성장 가능성을 암시합니다. 특히 마이크로소프트의 경우, 애크먼은 앞으로의 수익을 고려할 때 21배의 배수로 진입했다고 밝혔으며, 이는 이러한 기업들이 향후 성장할 가능성이 높다는 것을 보여줍니다.

본문 2: 영구 자본 구조의 장점과 리스크

영구 자본 구조는 인출 압력을 최소화하여 시장 변동성 속에서 안정적인 투자 전략을 유지할 수 있는 장점을 가지지만, 동시에 유동성 부족이라는 리스크도 존재합니다. 이는 펀드가 급격하게 시장 상황 변화에 대응하기 어려울 수 있음을 의미하며, 이는 투자자에게 고려해야 할 중요한 요소입니다. 또한, 이러한 구조는 장기적인 투자 전략에 적합하지만, 단기적인 시장 변동성에 민감할 수 있다는 점도 주목할 만합니다.

본문 3: 펀드의 장기적 전망

애크먼의 펀드는 대형 테크 기업에 집중 투자하며 장기적인 성장 가능성을 추구하고 있습니다. 이는 이러한 기업들이 향후 지속 가능한 성장을 이룰 가능성이 높다는 것을 의미하며, 이는 투자자에게 장기적인 수익을 기대할 수 있는 기회를 제공합니다. 또한, 영구 자본 구조는 이러한 전략을 지원하며, 안정적인 투자 환경을 조성할 수 있는 장점을 가지고 있습니다.

결론

빌 애크먼의 펀드 공개는 그의 투자 전략과 장기적 관점을 이해하는 데 중요한 정보를 제공하며, 대형 테크 기업에 대한 집중 투자 전략과 영구 자본 구조의 장점을 강조했습니다. 향후 이러한 전략이 어떻게 실행될지, 그리고 시장 변동성에 어떻게 대응할지 주목할 필요가 있습니다.

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원문 링크: https://www.thestreet.com/investing/bill-ackman-5b-pershing-square-usa-holdings?.tsrc=rss

Bill Ackman just showed what’s inside his $5B fund

Retail investors have spent decades watching Bill Ackman make concentrated bets from the outside, The Motley Fool noted, piecing together his moves through quarterly filings that arrive months after the trades close.

That dynamic changed when Pershing Square USA (PSUS) began trading on the New York Stock Exchange on April 29, giving ordinary investors a direct seat alongside the billionaire’s team for the first time.

The $5 billion closed-end fund is the largest of its kind ever launched in the United States, and its core structural advantage is permanent capital that eliminates redemption pressure.

Now, roughly seven weeks after the initial public offering, Ackman has voluntarily disclosed eight of the 12 stocks in the fund, offering the clearest picture yet of where he sees long-term value.

Eight names reveal Ackman’s concentrated portfolio thesis

The disclosed positions include Amazon, Microsoft, Meta Platforms, Uber Technologies, Brookfield, Restaurant Brands International, Fannie Mae, and Freddie Mac, according to Ackman’s June 15 post on X (the former Twitter), which was filed with the SEC as a Rule 497AD communication .

The first-quarter 2026 13F filing for Pershing Square Capital Management showed 11 total holdings valued at approximately $13.7 billion, with Brookfield, Amazon, and Uber as the top three positions, according to Pershing Square’s Form 13F-HR filed May 15, 2026.

The top five holdings accounted for about 78% of the entire portfolio, reflecting Ackman’s long-held preference for a small number of concentrated, high-conviction positions.

Ackman frames big tech as overlooked among Wall Street favorites

Ackman has publicly argued that Amazon, Microsoft, and Meta have become underappreciated mega-caps, describing them as “old-fashioned” tech bargains at a recent All-In Liquidity Summit with NYSE, Benzinga confirmed.

Bill Ackman, founder and CEO of Pershing Square, said the company entered Microsoft at 21 times forward earnings, CNBC reported.

The Microsoft stake was the first position Ackman disclosed ahead of the broader 13F filing, valued at $2.09 billion at the end of the first quarter based on a stake of 5.65 million shares.

He also sharply reduced his Alphabet’s stock in favor of Microsoft , signaling a deliberate reallocation within the large-cap tech space rather than a broad sector bet.

Restaurant Brands and Brookfield trade at discount tied to index exclusion

Restaurant Brands International and Brookfield are both Canadian-domiciled companies ineligible for inclusion in the S&P 500 , and Ackman has argued that this exclusion suppresses their valuations relative to comparable peers.

Restaurant Brands, the parent company of Burger King, Tim Hortons, and Popeyes, trades at a lower earnings multiple than McDonald’s , despite operating a similar global franchise model, Ackman has noted in investor communications.

Fannie Mae, Freddie Mac remain Ackman’s boldest positions

Pershing Square has held positions in both government-sponsored enterprises for more than a decade, and its inclusion in the new fund underscores how central this thesis remains to Ackman’s strategy.

In March, Ackman wrote on X that the stocks were “stupidly cheap” and could deliver tenfold returns, with the conservatorship in place since the 2008 financial crisis.

That post triggered an intraday surge of more than 50% in Fannie Mae shares on March 30, though prices have since pulled back substantially.

Fannie Mae closed at $6.34 on June 3, leaving the stock down roughly 40% year to date, according to Macrotrends’ historical data .

Wedbush analyst Henry Coffey cut Fannie Mae’s price target to $8 from $13 and Freddie Mac’s to $12 from $13.35 in a March 13 research note, citing expectations that release from conservatorship will be delayed past the November midterm elections, American Banker reported .

PSUS carries a 2% fee and a persistent NAV discount

PSUS charges a 2% annual management fee with no performance fee, which still represents a meaningful drag on long-term compounding compared to owning individual stocks directly, the fund’s prospectus supplement disclosed.

Jefferies analyst Matthew Hose initiated coverage of the fund with a buy rating in May, citing a strong performance track record and attractive valuation at current discount levels, a May 18 Seeking Alpha report on the initiation noted.

The persistent discount to net asset value is both the fund’s primary risk and its potential opportunity, as investors are effectively buying Ackman’s portfolio at roughly 80 cents on the dollar, given the roughly 20% NAV discount he cited in his June 15 X post.

Pershing Square USA has lagged its own NAV since its trading debut

PSUS shares have traded roughly 17% below the $50 IPO price since debut, with Pershing Square Holdings, the manager’s London-listed fund, also reporting a 5.4% NAV decline in the first six weeks of 2026.

That followed a strong 2025, when Pershing Square Holdings delivered a 20.9% net asset value gain and a 33.9% total shareholder return.

“We believe PSUS and its portfolio holdings represent an extremely attractive bargain at today’s share price, and we have put our money where our mouth is,” Pershing Square said in a June 15 social media post filed with the SEC under Rule 497.

Source: https://www.thestreet.com/investing/bill-ackman-5b-pershing-square-usa-holdings?.tsrc=rss